DO YOU REALIZE? Banks Are Charging For Failed ATM Transaction

Be careful with your Failed ATM Transaction also

While the Digital overall economy is being forced by the govt., bankers are constantly striking the wallets of its customers by levying all such unreasonable charges such as those for failed ATM trades. Such charges differ across banks and top up this appropriate GST rate is also billed to them, ATM Transaction.

For instance, for each and every ATM Transaction swipe transfer at a PoS or ATM which gets terminated due to 1 or another reason, SBI charges Rs. 17 while ICICI and HDFC Lender fee Rs. 25 on business deal cancellation as drop charges.

This exorbitant fees is not justifiable given the situation of vendor discount rate or MDR which includes now been capped. MDR is the fees priced to vendors for accepting repayments through cards.

With this connect, IIT-Bombay teacher is quoted as expressing in the TOI statement, ‘The present system is highly anti-digital and unnecessarily high-risk (in conditions of fees) for folks who’ve no great personal savings but go on regular monthly salary.

Such charges only disincentivise and create negatives for digital obligations.’

He recommended that even if the idea for charges is to check on misuse of debit credit cards, there should be a floor for just two declined merchant orders in per month due to insufficient balance and thereon the charges can be enforced as penalty.

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